§ 48-2c-603. Waiver of exceptions to limited liability.

Latest version.

The liabilities of a member described in Subsection 48-2c-602(2), (3), or (6) may be waived or compromised upon the consent of all other members. Any such waiver or compromise does not affect the rights of a creditor of the company:

(1)	who extended credit in reliance on any representation as to the financial condition of the company prior to a distribution described in Subsection 48-2c-602(6) and without notice of such waiver or compromise; or

(2)	whose claim arose prior to, and without notice of, such waiver or compromise.

Enacted by Chapter 260, 2001 General Session

                    
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